Tax credit fuels skyrocketing Dallas-area preowned home sales
12:08 PM CST on Monday, December 7, 2009
By STEVE BROWN/ The Dallas Morning News
The North Texas housing market came roaring back in November. Preowned home sales rose by 31 percent last month from a year ago – one of the biggest such increases on record. Also Online
Interactive map: Dallas-area home sales and prices
And median home sales prices were up 5 percent.
The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.
Real estate agents in October sold almost 5,500 preowned homes through their multiple listing service, according to statistics released Monday by the North Texas Residential Information Systems and the Real Estate Center at Texas A&M University.
And condo and townhouse sales were up more than 60 percent from a year ago.
November’s robust sales activity is the latest in a string of recent indicators, which show that the North Texas home market has bottomed out and is turning the corner.
Through the first 11 months of 2009, North Texas home sales are down 12 percent from the same period of last year. And median home sales prices are unchanged year to day from 2008.
November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year – ending more than a year of consecutive declines.
Some neighborhoods that weren’t impacted by the federal homebuying incentives saw dramatic spikes in home sales last month.
In the Park Cities, preowned home sales soared 81 percent in November from a year ago.
Sales in close in North Dallas neighborhoods rose 48 percent.
And at the end of November, the inventory of unsold homes on the market fell below 6 months which is considered a balanced market.
Wednesday, December 9, 2009
Tuesday, November 10, 2009
Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).
-The credit applies even if you have co-signers on your mortgage loan
For more information, visit www.CMPSInstitute.org.
Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WTkr6IKw
RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).
-The credit applies even if you have co-signers on your mortgage loan
For more information, visit www.CMPSInstitute.org.
Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WTkr6IKw
Thursday, September 3, 2009
Thinking of Buying a Home?
I am giving away a free FHA home appraisal on a property valued at $150,000 or higher, sponsored by our trusted lender 1st Advantage Mortgage. Call me for details at 817-881-5059!
Tuesday, September 1, 2009
Testimonial!
Thanks Cindy! Congratulations and great job!!! I hope I have another opportunity to refer you and I would love to work with any referrals you may have.
Thanks again, ~Tina
Tina Broderick
Thanks again, ~Tina
Tina Broderick
Wednesday, August 26, 2009
Federal Reserve Loses Lawsuit!
Federal Reserve LOSES LAWSUIT - MUST ACCOUNT FOR PAYOUT'S - 08.26.09
Watch Video
Single family home sale are up - but why? Federal Reserve loses lawsuit and must show the country where all the money has gone. Swiss cooperates with IRS - No more tax free Swiss banks and it's time to pay!
Watch this video http://www.thinkbigworksmall.com/mypage/player/tbws/15029/1078526
Watch Video
Single family home sale are up - but why? Federal Reserve loses lawsuit and must show the country where all the money has gone. Swiss cooperates with IRS - No more tax free Swiss banks and it's time to pay!
Watch this video http://www.thinkbigworksmall.com/mypage/player/tbws/15029/1078526
Monday, August 17, 2009
School Time!
Wow, I can't believe it is that time already! Everyone is getting their school clothes and school supplies, won't be long now!
Thursday, July 30, 2009
$8,000 Tax Credit
$8,000 TAX CREDIT – Soon To Be Available As A Down Payment – 5 – no, make that 6 – Things You Need To Know
Written by Carl Medford, Agent in Fremont
May 14, 2009 9:25 AM Home Buying in Fremont
28 comments1,901 viewsWhile I normally refrain from cutting and pasting news into this post, the following news update from the National Association of Realtors “Realtor Magazine”, May 12, 2009, deserves to be posted in its entirety:
“Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings&Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.”
Here are my thoughts:
1. On the surface, COOL. REALLY GOOD NEWS.
This is great news for first-time buyers who have been looking at the market, wanting to get in but have not had any capital to do so. This will open the doors for yet another level of prospective buyers to get into the market. For responsible individuals who just haven’t been able to get together a down payment, this is the great news they’ve been waiting for.
2. On second look, NOT SO MUCH.
While this may be good news for first-time buyers who have no cash, it is a return to the scenario that got us into this mess to begin with. This will be, in reality, a return to 100% financing. FHA programs require 3.5% of the purchase price as a down payment. 3.5% on a $230,000 home is $8,050.00. I’ve sold a number of homes in the past 12 months that easily fit into this price category. In addition, FHA guidelines allow the seller to credit up to 6% of the purchase price for closing costs.
I like Warren Buffet’s concept of “skin in the game.” Although I’m just like the next guy and love a free ride, having watched the recent meltdown, I know there is no such thing as a free lunch. Those who participated in the previous 100% financing schemes that had nothing personal invested in their homes were the very ones who walked away the moment they got upside down.
In addition, the question needs to be asked, “Why don’t they have a down payment?” We’re not really talking a lot of money here. I understand that life gets in the way and expenses happen, but I also have watched a generation grow up that believe that excessive consumer debt is their god-given right of passage.
My opinion is this:
“If you don’t have the discipline, dedication and skills to build up a small down payment, then I believe the odds that you will get into serious financial difficulty in the near future are significantly increased.”
If that’s true, maybe you should wait to buy a house until you learn how to control your debts. Just a thought.
3. Funds not going where they were intended.
One of the realities of the tax credit that made sense for many first-time buyers was the fact that it provided much needed cash to improve their homes once they moved in. Most of the homes being snapped up by those eligible for the tax credits have been foreclosed properties. Many of these need carpet, paint and so on to make them nice places to live. If the tax credit is used up front, then instead of having the rebate to help fix up their homes, many will most likely rely on plastic to “get-er done.” This takes us back to point number 2 above.
Secondly, the tax credit was intended to help fuel local economies. If used up front as a down payment, the money will not make it to the local businesses that truly need a financial shot in the arm; businesses like home improvement stores, furniture companies, contractors, etc.
4. An additional layer of complexity.
For those who’ve never had the joy of working with FHA loans, I’d suggest you sign up to work on an Alaskan crab boat for the Discovery Channel’s Deadliest Catch series. That way, you could experience thrills, excitement, pain and even death WITHOUT having to deal with the FHA. For those of us not so lucky, we know what’s coming.
This suggestion actually means adding another moving part to an FHA loan.
A bridge loan of some kind. Another layer of complexity in a process that is already WAY too complicated. Even more governmental involvement in a process that’s already extremely arduous. I feel like I just clicked my heels and ended up back in Kansas (I was born there and don’t plan on returning any time soon …). Someone PLEASE tell me it’s not just me …
5. An Extension?
Lastly, if this is the direction we are going, can an extension to deadline for the tax credit be very far behind? We’re talking about the government here, and this proposal will take time to implement. It really makes no sense to go to all the trouble of making this accessible to thousands more without adding more time for it to actually happen.
6. NEWS FLASH … It’s Been Retracted!!!
Since this post was originally launched, the possibility of using the credit for a down payment seems to have been rescinded! At least for now. My guess is that someone at HUD read my blog, saw the wisdom and changed their minds! I know, I’m being silly … quit dreaming. Here’s the scoop:
Those receiving FHA loans to purchase a home have very strict guidelines attached to where they can and cannot get their minimum 3.5% down payment monies from. These include:
Funds they’ve saved themselves
A gift from a relative
Employer contributions
Secured borrowed funds (example your 401K)
From governmental agencies
FHA approved non-profit organizations
The bridge loan as proposed for the $8,000 tax credit does not qualify. Therefore, until they can work out some bugs, this is off the shelf for now.
SO … good news, right? Maybe … maybe not … we’ll see.
Written by Carl Medford, Agent in Fremont
May 14, 2009 9:25 AM Home Buying in Fremont
28 comments1,901 viewsWhile I normally refrain from cutting and pasting news into this post, the following news update from the National Association of Realtors “Realtor Magazine”, May 12, 2009, deserves to be posted in its entirety:
“Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings&Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.”
Here are my thoughts:
1. On the surface, COOL. REALLY GOOD NEWS.
This is great news for first-time buyers who have been looking at the market, wanting to get in but have not had any capital to do so. This will open the doors for yet another level of prospective buyers to get into the market. For responsible individuals who just haven’t been able to get together a down payment, this is the great news they’ve been waiting for.
2. On second look, NOT SO MUCH.
While this may be good news for first-time buyers who have no cash, it is a return to the scenario that got us into this mess to begin with. This will be, in reality, a return to 100% financing. FHA programs require 3.5% of the purchase price as a down payment. 3.5% on a $230,000 home is $8,050.00. I’ve sold a number of homes in the past 12 months that easily fit into this price category. In addition, FHA guidelines allow the seller to credit up to 6% of the purchase price for closing costs.
I like Warren Buffet’s concept of “skin in the game.” Although I’m just like the next guy and love a free ride, having watched the recent meltdown, I know there is no such thing as a free lunch. Those who participated in the previous 100% financing schemes that had nothing personal invested in their homes were the very ones who walked away the moment they got upside down.
In addition, the question needs to be asked, “Why don’t they have a down payment?” We’re not really talking a lot of money here. I understand that life gets in the way and expenses happen, but I also have watched a generation grow up that believe that excessive consumer debt is their god-given right of passage.
My opinion is this:
“If you don’t have the discipline, dedication and skills to build up a small down payment, then I believe the odds that you will get into serious financial difficulty in the near future are significantly increased.”
If that’s true, maybe you should wait to buy a house until you learn how to control your debts. Just a thought.
3. Funds not going where they were intended.
One of the realities of the tax credit that made sense for many first-time buyers was the fact that it provided much needed cash to improve their homes once they moved in. Most of the homes being snapped up by those eligible for the tax credits have been foreclosed properties. Many of these need carpet, paint and so on to make them nice places to live. If the tax credit is used up front, then instead of having the rebate to help fix up their homes, many will most likely rely on plastic to “get-er done.” This takes us back to point number 2 above.
Secondly, the tax credit was intended to help fuel local economies. If used up front as a down payment, the money will not make it to the local businesses that truly need a financial shot in the arm; businesses like home improvement stores, furniture companies, contractors, etc.
4. An additional layer of complexity.
For those who’ve never had the joy of working with FHA loans, I’d suggest you sign up to work on an Alaskan crab boat for the Discovery Channel’s Deadliest Catch series. That way, you could experience thrills, excitement, pain and even death WITHOUT having to deal with the FHA. For those of us not so lucky, we know what’s coming.
This suggestion actually means adding another moving part to an FHA loan.
A bridge loan of some kind. Another layer of complexity in a process that is already WAY too complicated. Even more governmental involvement in a process that’s already extremely arduous. I feel like I just clicked my heels and ended up back in Kansas (I was born there and don’t plan on returning any time soon …). Someone PLEASE tell me it’s not just me …
5. An Extension?
Lastly, if this is the direction we are going, can an extension to deadline for the tax credit be very far behind? We’re talking about the government here, and this proposal will take time to implement. It really makes no sense to go to all the trouble of making this accessible to thousands more without adding more time for it to actually happen.
6. NEWS FLASH … It’s Been Retracted!!!
Since this post was originally launched, the possibility of using the credit for a down payment seems to have been rescinded! At least for now. My guess is that someone at HUD read my blog, saw the wisdom and changed their minds! I know, I’m being silly … quit dreaming. Here’s the scoop:
Those receiving FHA loans to purchase a home have very strict guidelines attached to where they can and cannot get their minimum 3.5% down payment monies from. These include:
Funds they’ve saved themselves
A gift from a relative
Employer contributions
Secured borrowed funds (example your 401K)
From governmental agencies
FHA approved non-profit organizations
The bridge loan as proposed for the $8,000 tax credit does not qualify. Therefore, until they can work out some bugs, this is off the shelf for now.
SO … good news, right? Maybe … maybe not … we’ll see.
Wednesday, July 29, 2009
First Time Home Buyers Tax Credit
Tax credit advance loan use to purchase for First Time Buyers
Can be used as amount needed for down payment,
closing costs and prepaid expenses.
Contact me for details!
American Recovery and Reinvestment Act of 2009 provides federal tax credit to first time
homebuyers equal to 10% of the purchase price of their home up to $8,000.
· For homes purchased on or after January 1, 2009 and before December 1, 2009.
· Tax credit available only to first time homebuyers or those that have not owned a home in
the last 3 years.
· Single homebuyers can earn no more than $75,000 per year; married taxpayers can earn no
more than $150,000.
· Borrower must live in home for 3 years to receive tax credit; otherwise, credit received is due
as taxes for the year of the sale.
· Borrowers may file for tax credit with 2009 IRS tax return or by amending their 2008 return.
Texas First Time Homebuyer Program – MRB Program 70
Approx. $1.5 Million, First Come First Served
TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS MORTGAGE ADVANTAGE PROGRAM
Borrower pays $250 Administrative Fee
First 120 days, 0% interest to encourage borrowers to payoff 2nd lien
Thereafter, 5 year term at 7% interest rate
Tax credit advance loan MAY NOT result in cash back to borrower.
2nd Lien may not exceed total amount needed for down payment, closing
costs and prepaid expenses.
2nd Lien payments must be included within qualifying ratios
Debra Noguera
Home Mortgage Consultant
Wells Fargo Home Mortgage
MAC MACT5442-011
1209 S. White Chapel Blvd., Suite 100
Southlake , TX 76092
817.481.0005 x 11 Tel
817.722.1912 Cell
866.931.0346 eFax
debra.noguera@wellsfargo.com
http://www.wfhm.com/debra-noguera
This is an unsecured email service which is not intended for sending confidential or sensitive information. Please do not include your social security number, account number, or any other personal or financial information in the content of the email. This may be a promotional email. To discontinue receiving promotional emails from Wells Fargo Bank N.A., including Wells Fargo Home Mortgage, click here NoEmailRequest@wellsfargo.com. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. All rights reserved. Equal Housing Lender. Wells Fargo Home Mortgage-2701 Wells Fargo Way-Minneapolis, MN 55467-8000
Can be used as amount needed for down payment,
closing costs and prepaid expenses.
Contact me for details!
American Recovery and Reinvestment Act of 2009 provides federal tax credit to first time
homebuyers equal to 10% of the purchase price of their home up to $8,000.
· For homes purchased on or after January 1, 2009 and before December 1, 2009.
· Tax credit available only to first time homebuyers or those that have not owned a home in
the last 3 years.
· Single homebuyers can earn no more than $75,000 per year; married taxpayers can earn no
more than $150,000.
· Borrower must live in home for 3 years to receive tax credit; otherwise, credit received is due
as taxes for the year of the sale.
· Borrowers may file for tax credit with 2009 IRS tax return or by amending their 2008 return.
Texas First Time Homebuyer Program – MRB Program 70
Approx. $1.5 Million, First Come First Served
TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS MORTGAGE ADVANTAGE PROGRAM
Borrower pays $250 Administrative Fee
First 120 days, 0% interest to encourage borrowers to payoff 2nd lien
Thereafter, 5 year term at 7% interest rate
Tax credit advance loan MAY NOT result in cash back to borrower.
2nd Lien may not exceed total amount needed for down payment, closing
costs and prepaid expenses.
2nd Lien payments must be included within qualifying ratios
Debra Noguera
Home Mortgage Consultant
Wells Fargo Home Mortgage
MAC MACT5442-011
1209 S. White Chapel Blvd., Suite 100
Southlake , TX 76092
817.481.0005 x 11 Tel
817.722.1912 Cell
866.931.0346 eFax
debra.noguera@wellsfargo.com
http://www.wfhm.com/debra-noguera
This is an unsecured email service which is not intended for sending confidential or sensitive information. Please do not include your social security number, account number, or any other personal or financial information in the content of the email. This may be a promotional email. To discontinue receiving promotional emails from Wells Fargo Bank N.A., including Wells Fargo Home Mortgage, click here NoEmailRequest@wellsfargo.com. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. All rights reserved. Equal Housing Lender. Wells Fargo Home Mortgage-2701 Wells Fargo Way-Minneapolis, MN 55467-8000
Tuesday, July 14, 2009
On to College!
After a very busy year it is fianlly over. Now we are getting ready for college. It is hard to believe that the time has come for my daughter to go off to college. Her senior year was so busy and went by so fast and now that it has slowed down I realize we only have six more weeks and then we take her to Lubbock to start her college years at Texas Tech. She has grown up so these past few months. I know she is ready for her next experience in life even though she does not think she is ready to leave and go off to college. I will enjoy the time I have her home and look forward to new things to come.
Friday, February 6, 2009
Problems with your Motgage!
Lisa Warren
Senior Loan Officer/Branch Manager
The Lisa Warren Team
Affiliated Bank
Phone: (817) 410-2518
Fax: (817) 410-2519
lwarren@affiliatedbank.com
Problems With Your Mortgage?
There May be a Short Way Out
With unemployment figures reaching a 25-year high, the toll of the declining economy continues to impact hundreds of thousands of families each month, especially homeowners struggling with their mortgage. According to RealtyTrac, 303,410 foreclosure notices were served on properties in the month of December alone. This followed the 2,854,396 foreclosure filings throughout all of 2008.
For homeowners facing foreclosure, options do exist that can prevent the trauma of losing their home or facing long-term financial loss. YOU Magazine has addressed these options in previous issues. So, this month we'll focus instead on short sales, an alternative to foreclosure for struggling homeowners who do not want to stay in their homes but would also like to avoid the years of potential financial damage that a foreclosure could cause on their credit rating. If you or someone you know are looking for a "short" way out of a mortgage, keep reading and find out if a short sale is a feasible option.
Don't Be Short-Sighted
Before we dive into what a short sale is and how it can benefit some struggling homeowners, it's important to understand that you're not alone, and that just because you're struggling now doesn't mean you won't be able to recover in the near future. In today's tough economy, millions of Americans are facing challenging situations seriously affecting their finances right now that they can, and will, eventually overcome, including lay-offs, divorce, the death of a spouse, or even major losses in the stock market or their retirement investments.
That's why, before choosing to attempt a short sale, it's important to ask yourself if staying in your home is an option you'd like to explore, because there are opportunities, including a loan modification that may be a better path for some struggling homeowners to pursue. A loan modification would allow the homeowner, in many instances, to renegotiate the terms of their existing mortgage(s) to a more affordable monthly payment(s). This can be accomplished in a number of ways that bring about both temporary and permanent solutions but ultimately allow the homeowner to keep their home.
If you think that a change in your mortgage terms, like a lower rate or lower monthly payments, might help you make it through this rough patch, it's important to communicate with your lender, even if you're several months behind in your payments. Many lenders have reported that in over 50% of the cases where a homeowner is delinquent on his or her mortgage, they have been unable to reach the owner to discuss any options. Picking up the phone and placing a call is always in your best interest. More importantly, opening lines of communication with family members, in many cases, could help lighten the emotional burden that often comes along with these challenges.
When Staying is Not a Viable Option
If, however, you think a loan modification would not be appropriate for your individual needs, one solution to avoiding foreclosure could be a short sale. A short sale is an agreement from the lender(s) to allow the homeowner to sell the property for less than what is owed on the mortgage(s). An example would be an agreement to allow a sale of the home to take place for $175,000 when $300,000 is actually owed on the property.
For a lender to consider a short sale, there are a number of factors that the lender will take into consideration before an approval can be secured, including:
Current hardship, which can include a change of income due to job loss, loss of hours or salary reduction, illness, death of a wage earner, or a change in marital status.
The property is "upside down," which means the house is worth less in today's market than what is owed.
It's important to note that, unlike a loan modification, a homeowner does not have to be delinquent to be considered for a short sale. However, a hardship should be demonstrated showing that the homeowner would not be able to remain current on the mortgage in the future due to mounting financial obligations.
Why would a lender agree to sell your home at a loss? Well, in many cases, the foreclosure process results in a loss of up to 40% or more of the original mortgage balance for the lender. When borrowers and lenders work together on a short sale or loan modification, however, these losses can be reduced by roughly half, in many cases. For example, a foreclosure on a $300,000 home could cost the lender up to $120,000 or more in losses, where they might only lose $60,000 by working with the borrower. Add to that the record losses incurred on other foreclosures, and it's clear why lenders, in many cases, prefer to negotiate a solution.
Credit Benefit
Working with a lender to negotiate a short sale instead of a foreclosure can also be more beneficial to your credit as well, especially if you want to secure another mortgage in the near future when your finances are back on track. According to Fannie Mae, one of the largest mortgage insurers in the country, a foreclosure on your credit record will likely mean it will be between 3 and 5 years before you're able to secure a new mortgage. The typical timeframe to buy a new home with a short sale on your record, however, is only two years.
A short sale also has a lesser impact to your FICO score compared to a foreclosure, which is very important for obtaining future credit from everything including automobiles and consumer credit to getting reconnected with local utilities and cell phones services. Your credit score can even affect certain employment opportunities as well.
Start the Process
The first step of a short sale is to contact your lender and seek their assistance.
The second step is to enlist the help of an experienced real estate agent. An agent who is skilled at handling the negotiation process will not only minimize negotiation time, he or she will also help in limiting the time and costs of marketing the property.
Tony Sena, a real estate agent with North American Realty in Las Vegas, Nevada agrees. Sena, who is currently closing 10-15 short sale transactions a month says, "The single greatest reason for a distressed property not selling is selecting the wrong agent."
When selecting an agent, don't be afraid to ask questions about their experience. Sena says to look at the current inventory of listings the agent represents and ask:
How many of the properties are currently short sale properties?
Does the agent have testimonial letters from short sale sellers?
If an agent says they have sold a number of short sale properties, how many of the transactions were listings sold, not just where they had the buyer.
The third step is to price the house properly, according to the market. While many buyers would love to "steal" your property for the lowest price possible, remember that the lender is already going to incur a loss and they are not interested in losing more than they have to. Sena suggests initially pricing the property at the current value and then reducing the asking price every two weeks until it attracts buyers. Then, once you have an offer, the negotiations on the final price can begin with the lender.
The last step is to be prepared for challenges in both the short sale process and in the market place. Remember, you have a lot of competition out there and getting a property sold can be tough, especially in a buyer's market. However, choosing the right agent and setting the right price can assist you in not only selling it more quickly but also in minimizing the friction of having to deal with the lender directly.
Be aware that, in some cases, not all, a lender will agree to a certain price, but only if the seller agrees to accept a promissory note for some amount of the deficiency – that means money that you will be responsible for paying back. In some cases, Sena has seen lenders ask that sellers pay up to $20,000. However, while early last year the interest rate for these notes was in the range of 4% to 8%, lately Sena has seen that lenders have also been extending offers with 0% and terms of repayment up to ten years.
Get Moving
Once you recognize that you are having problems keeping up with your mortgage payment, take action quickly. Decide whether you want to stay in the home or not. Then contact your lender to find out the best solution to your needs. If you'd like to learn more about short sales or other foreclosure alternatives, a great place to start is by contacting the professional who provided you with this copy of YOU Magazine.
Senior Loan Officer/Branch Manager
The Lisa Warren Team
Affiliated Bank
Phone: (817) 410-2518
Fax: (817) 410-2519
lwarren@affiliatedbank.com
Problems With Your Mortgage?
There May be a Short Way Out
With unemployment figures reaching a 25-year high, the toll of the declining economy continues to impact hundreds of thousands of families each month, especially homeowners struggling with their mortgage. According to RealtyTrac, 303,410 foreclosure notices were served on properties in the month of December alone. This followed the 2,854,396 foreclosure filings throughout all of 2008.
For homeowners facing foreclosure, options do exist that can prevent the trauma of losing their home or facing long-term financial loss. YOU Magazine has addressed these options in previous issues. So, this month we'll focus instead on short sales, an alternative to foreclosure for struggling homeowners who do not want to stay in their homes but would also like to avoid the years of potential financial damage that a foreclosure could cause on their credit rating. If you or someone you know are looking for a "short" way out of a mortgage, keep reading and find out if a short sale is a feasible option.
Don't Be Short-Sighted
Before we dive into what a short sale is and how it can benefit some struggling homeowners, it's important to understand that you're not alone, and that just because you're struggling now doesn't mean you won't be able to recover in the near future. In today's tough economy, millions of Americans are facing challenging situations seriously affecting their finances right now that they can, and will, eventually overcome, including lay-offs, divorce, the death of a spouse, or even major losses in the stock market or their retirement investments.
That's why, before choosing to attempt a short sale, it's important to ask yourself if staying in your home is an option you'd like to explore, because there are opportunities, including a loan modification that may be a better path for some struggling homeowners to pursue. A loan modification would allow the homeowner, in many instances, to renegotiate the terms of their existing mortgage(s) to a more affordable monthly payment(s). This can be accomplished in a number of ways that bring about both temporary and permanent solutions but ultimately allow the homeowner to keep their home.
If you think that a change in your mortgage terms, like a lower rate or lower monthly payments, might help you make it through this rough patch, it's important to communicate with your lender, even if you're several months behind in your payments. Many lenders have reported that in over 50% of the cases where a homeowner is delinquent on his or her mortgage, they have been unable to reach the owner to discuss any options. Picking up the phone and placing a call is always in your best interest. More importantly, opening lines of communication with family members, in many cases, could help lighten the emotional burden that often comes along with these challenges.
When Staying is Not a Viable Option
If, however, you think a loan modification would not be appropriate for your individual needs, one solution to avoiding foreclosure could be a short sale. A short sale is an agreement from the lender(s) to allow the homeowner to sell the property for less than what is owed on the mortgage(s). An example would be an agreement to allow a sale of the home to take place for $175,000 when $300,000 is actually owed on the property.
For a lender to consider a short sale, there are a number of factors that the lender will take into consideration before an approval can be secured, including:
Current hardship, which can include a change of income due to job loss, loss of hours or salary reduction, illness, death of a wage earner, or a change in marital status.
The property is "upside down," which means the house is worth less in today's market than what is owed.
It's important to note that, unlike a loan modification, a homeowner does not have to be delinquent to be considered for a short sale. However, a hardship should be demonstrated showing that the homeowner would not be able to remain current on the mortgage in the future due to mounting financial obligations.
Why would a lender agree to sell your home at a loss? Well, in many cases, the foreclosure process results in a loss of up to 40% or more of the original mortgage balance for the lender. When borrowers and lenders work together on a short sale or loan modification, however, these losses can be reduced by roughly half, in many cases. For example, a foreclosure on a $300,000 home could cost the lender up to $120,000 or more in losses, where they might only lose $60,000 by working with the borrower. Add to that the record losses incurred on other foreclosures, and it's clear why lenders, in many cases, prefer to negotiate a solution.
Credit Benefit
Working with a lender to negotiate a short sale instead of a foreclosure can also be more beneficial to your credit as well, especially if you want to secure another mortgage in the near future when your finances are back on track. According to Fannie Mae, one of the largest mortgage insurers in the country, a foreclosure on your credit record will likely mean it will be between 3 and 5 years before you're able to secure a new mortgage. The typical timeframe to buy a new home with a short sale on your record, however, is only two years.
A short sale also has a lesser impact to your FICO score compared to a foreclosure, which is very important for obtaining future credit from everything including automobiles and consumer credit to getting reconnected with local utilities and cell phones services. Your credit score can even affect certain employment opportunities as well.
Start the Process
The first step of a short sale is to contact your lender and seek their assistance.
The second step is to enlist the help of an experienced real estate agent. An agent who is skilled at handling the negotiation process will not only minimize negotiation time, he or she will also help in limiting the time and costs of marketing the property.
Tony Sena, a real estate agent with North American Realty in Las Vegas, Nevada agrees. Sena, who is currently closing 10-15 short sale transactions a month says, "The single greatest reason for a distressed property not selling is selecting the wrong agent."
When selecting an agent, don't be afraid to ask questions about their experience. Sena says to look at the current inventory of listings the agent represents and ask:
How many of the properties are currently short sale properties?
Does the agent have testimonial letters from short sale sellers?
If an agent says they have sold a number of short sale properties, how many of the transactions were listings sold, not just where they had the buyer.
The third step is to price the house properly, according to the market. While many buyers would love to "steal" your property for the lowest price possible, remember that the lender is already going to incur a loss and they are not interested in losing more than they have to. Sena suggests initially pricing the property at the current value and then reducing the asking price every two weeks until it attracts buyers. Then, once you have an offer, the negotiations on the final price can begin with the lender.
The last step is to be prepared for challenges in both the short sale process and in the market place. Remember, you have a lot of competition out there and getting a property sold can be tough, especially in a buyer's market. However, choosing the right agent and setting the right price can assist you in not only selling it more quickly but also in minimizing the friction of having to deal with the lender directly.
Be aware that, in some cases, not all, a lender will agree to a certain price, but only if the seller agrees to accept a promissory note for some amount of the deficiency – that means money that you will be responsible for paying back. In some cases, Sena has seen lenders ask that sellers pay up to $20,000. However, while early last year the interest rate for these notes was in the range of 4% to 8%, lately Sena has seen that lenders have also been extending offers with 0% and terms of repayment up to ten years.
Get Moving
Once you recognize that you are having problems keeping up with your mortgage payment, take action quickly. Decide whether you want to stay in the home or not. Then contact your lender to find out the best solution to your needs. If you'd like to learn more about short sales or other foreclosure alternatives, a great place to start is by contacting the professional who provided you with this copy of YOU Magazine.
Monday, February 2, 2009
Real Estate Outlook!
Your REALTOR:
Cindie Stewart
February 2009
Selling DFW for over 20 Years!
Copyright © 2009 Realty TimesAll Rights Reserved.
Real Estate Outlook: What's in Store for 2009?
What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.
But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.
In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.
Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."
Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.
Already there are positive signs of the turnaround Bove predicts:
Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.
Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.
Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.
And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.
There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.
You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.
The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year. Written by Kenneth R. Harney
For More Information go to:
http://realtytimes.com/123/CindieStewart
Cindie Stewart
February 2009
Selling DFW for over 20 Years!
Copyright © 2009 Realty TimesAll Rights Reserved.
Real Estate Outlook: What's in Store for 2009?
What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.
But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.
In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.
Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."
Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.
Already there are positive signs of the turnaround Bove predicts:
Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.
Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.
Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.
And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.
There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.
You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.
The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year. Written by Kenneth R. Harney
For More Information go to:
http://realtytimes.com/123/CindieStewart
News You Can Use!
Here's a number worth putting in your cell phone, or your home phone speed dial: 1-800-goog411 or 1-800-466-4411. This is an awesome service from Google, and it's free -- great when you 're on the road. Don't waste your money on information calls and don't waste your time manually dialing the number. Imagine... driving along in your car and you need to call a golf course, your favorite store or restaurant -- you don't know the number. You hit the speed dial for information that you have programmed (1-800-goog411). The voice at the other end says, "Say the name of the business and the City & State." you say, "Gaylord Hotel, Grapevine, Texas ." He says, "Connecting," and The Gaylord answers the phone. How great is that?
Works on cell and land line phones. You can also text 46645 and then enter the business name, city and state .
This is nationwide and it is absolutely FREE!
Click on the link below and watch the short clip for a quick demonstration.
http://www.Google.com/goog411/
Jewel HarmonSenior Account ManagerFidelity National Home WarrantyDirect: 817-501-6988Voice Mail: 800-308-1424 X3615Direct Fax: 817-719-9260Order a Home Warranty
Works on cell and land line phones. You can also text 46645 and then enter the business name, city and state .
This is nationwide and it is absolutely FREE!
Click on the link below and watch the short clip for a quick demonstration.
http://www.Google.com/goog411/
Jewel HarmonSenior Account ManagerFidelity National Home WarrantyDirect: 817-501-6988Voice Mail: 800-308-1424 X3615Direct Fax: 817-719-9260Order a Home Warranty
Sunday, February 1, 2009
Down Payment Assistance!
FAQs News Events Our Supporters Search Blog
Downpayment Assistance = Economic Impact
Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to an economic-impact study done by two well-respected California economists, Dr. Robert Waste and Dr. Robert Fountain.Some highlights of their research:
More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.
Fact Sheet
Study Summary
Support H.R. 600
The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.
Send a letter to your elected officials in support H.R. 600 and DPA.
Downpayment Assistance = Economic Impact
Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to an economic-impact study done by two well-respected California economists, Dr. Robert Waste and Dr. Robert Fountain.Some highlights of their research:
More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.
Fact Sheet
Study Summary
Support H.R. 600
The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.
Send a letter to your elected officials in support H.R. 600 and DPA.
Real Living!
Welcome to the Real Living e-newsletter!February 2009
February is National Bird Feeding Month
Turn your backyard into a friendly oasis for neighborhood birds. Read on for tips on how you can attract and provide a safe haven for all types of birds in your area. Click for more...
Inspect for These Potential Household Hazards
When purchasing a new home, does the inspection process seem foreign to you? If so, you're not alone. Many people feel uncomfortable about uncovering potential problems in their home. So, before you hire an inspector, make sure the person is certified with the American Society of Home Inspectors. This important credential ensures that your home receives a thorough examination. After the inspection is complete, ask your inspector to supply a written assessment of the home that details both positive and negative findings. In the meantime, here are some potential hazards you should be aware of before your home is inspected. Click for more...
iPod Applications Make Life a Little Greener
For those of you who love your iPod, iPhone or whatever other Apple product you own, check out these environmental applications you can purchase through Apple's iTunes store. Click for more...
Listing Your Home Online
It's hard to deny the power of the Internet today. Between staying connected with distant family and friends, paying our bills and applying for jobs, the Internet allows us the ability to multitask from the comfort of our own homes. But more important, to those interested in the real estate industry, the Internet has made the home-selling process easier than ever. Click for more...
Picking the Perfect Neighborhood
Safety, atmosphere, events and neighbors are all important components to consider when buying a home. How do you find the perfect neighborhood? Good question. Here are some things to consider when evaluating new surroundings. Click for more...
Many Boomers Consider Relocation
Imagine all-inclusive golf, the beach, bowling, theatres, fitness centers and hands-on activities. Sounds like the perfect vacation. This may be the perfect vacation, but it can also be a permanent vacation once you retire! Click for more...
Winter Home Maintenance
Home maintenance can sometimes be a drag, but it's important to maintain your house throughout the year in order to avoid structural damage, fire hazards, infestations and other problems. Here are some commonly overlooked duties that you may want to build into your schedule this month. Click for more...
If you'd like to unsubscribe your e-mail address from all future Real Living e-mails, please click here.*Please be aware that this will unsubscribe you from Real Living's e-newsletters, e-cards and all MyRealLiving 2.0 alerts.
Copyright © 2009. Real Living, Inc. All rights reserved.77 East Nationwide Blvd. Columbus, Ohio 43215 800.848.7400
February is National Bird Feeding Month
Turn your backyard into a friendly oasis for neighborhood birds. Read on for tips on how you can attract and provide a safe haven for all types of birds in your area. Click for more...
Inspect for These Potential Household Hazards
When purchasing a new home, does the inspection process seem foreign to you? If so, you're not alone. Many people feel uncomfortable about uncovering potential problems in their home. So, before you hire an inspector, make sure the person is certified with the American Society of Home Inspectors. This important credential ensures that your home receives a thorough examination. After the inspection is complete, ask your inspector to supply a written assessment of the home that details both positive and negative findings. In the meantime, here are some potential hazards you should be aware of before your home is inspected. Click for more...
iPod Applications Make Life a Little Greener
For those of you who love your iPod, iPhone or whatever other Apple product you own, check out these environmental applications you can purchase through Apple's iTunes store. Click for more...
Listing Your Home Online
It's hard to deny the power of the Internet today. Between staying connected with distant family and friends, paying our bills and applying for jobs, the Internet allows us the ability to multitask from the comfort of our own homes. But more important, to those interested in the real estate industry, the Internet has made the home-selling process easier than ever. Click for more...
Picking the Perfect Neighborhood
Safety, atmosphere, events and neighbors are all important components to consider when buying a home. How do you find the perfect neighborhood? Good question. Here are some things to consider when evaluating new surroundings. Click for more...
Many Boomers Consider Relocation
Imagine all-inclusive golf, the beach, bowling, theatres, fitness centers and hands-on activities. Sounds like the perfect vacation. This may be the perfect vacation, but it can also be a permanent vacation once you retire! Click for more...
Winter Home Maintenance
Home maintenance can sometimes be a drag, but it's important to maintain your house throughout the year in order to avoid structural damage, fire hazards, infestations and other problems. Here are some commonly overlooked duties that you may want to build into your schedule this month. Click for more...
If you'd like to unsubscribe your e-mail address from all future Real Living e-mails, please click here.*Please be aware that this will unsubscribe you from Real Living's e-newsletters, e-cards and all MyRealLiving 2.0 alerts.
Copyright © 2009. Real Living, Inc. All rights reserved.77 East Nationwide Blvd. Columbus, Ohio 43215 800.848.7400
Wednesday, January 21, 2009
Restaurants in Haltom City!
Oscar's Mexican RestaurantFort Worth, TX
Mexican Restaurants, Latin American, Restaurants
Write a review
Joe's Pizza & PastaHaltom City, TX
Restaurants
Write a review
Go Go ChinaHaltom City, TX
Write a review
Pho Nam RestaurantHaltom City, TX
Vietnamese Restaurants, Restaurants
Write a review
Mexican Restaurants, Latin American, Restaurants
Write a review
Joe's Pizza & PastaHaltom City, TX
Restaurants
Write a review
Go Go ChinaHaltom City, TX
Write a review
Pho Nam RestaurantHaltom City, TX
Vietnamese Restaurants, Restaurants
Write a review
Uplifting Story about 2 CEO's!
In the mist of all the negative press on CEO's there are still uplifting stories that keeps hope alive.
David Weekley, the founder and CEO of David Weekly Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service. His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family. I am proud as a Realtor to sell David Weekly Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekly Homes, and especially the Build on Your Own Lot division. Contact Chip McClure here in the Dallas Fort Worth area and he will be very happy to help you.
The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day. I will continue to shop at Best Buy and probably will not even check out the competition.
If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.
Best wishes to both companies this year and always, Cindie Stewart, CEO of Texas Sold Team Realty, LLC
David Weekley, the founder and CEO of David Weekly Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service. His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family. I am proud as a Realtor to sell David Weekly Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekly Homes, and especially the Build on Your Own Lot division. Contact Chip McClure here in the Dallas Fort Worth area and he will be very happy to help you.
The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day. I will continue to shop at Best Buy and probably will not even check out the competition.
If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.
Best wishes to both companies this year and always, Cindie Stewart, CEO of Texas Sold Team Realty, LLC
Fighting to Restore DownPayment Assistance!
DPA Supporters, DPAGroundSwell2 was launched today to coincide with the introduction of H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, by Representative Al Green (D-TX). H.R. 600 is the 2009 version of last year's bill (H.R. 6694) that would restore seller-funded downpayment assistance (DPA). Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year. Purchasing a home now puts homebuyers in a position to build equity as markets recover.If you are eager to learn about our DPAGroundSwell2 campaign, plan to attend our first virtual town hall of 2009 targeted for late next week. Look for our email invitation on Tuesday!
CONGRESS INTRODUCES BILL THAT WOULD REINSTATE DOWNPAYMENT ASSISTANCE: NEHEMIAH RESPONDS- Bill Would Broaden Opportunities for Sustainable Homeownership Without Government or Taxpayer Dollars -Sacramento, CA, January 16, 2009 -- The following statement was issued today by Scott Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R. 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance."There is an overlooked solution to today's housing crisis and fortunately several members of Congress recognize the role DPA plays in getting us there. We commend Congressman Al Green [and additional members of Congress] for working tirelessly to support a bill (H.R. 600) that creates opportunities for sustainable homeownership, which serves as the cornerstone to strengthening a crumbling housing market and breathing life back into the economy. With foreclosures on the rise and banks maintaining their stranglehold on credit, DPA offers a simple solution without spending a single government or taxpayer dime according to the Congressional Budget Office. Further, it enables worthy families to take advantage of depressed home prices, therefore reducing the glut of homes on the market. We urge Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA."
Wednesday, January 7, 2009
Monday, January 5, 2009
The Top 5 Housting -Market Hopes for 2009
The Top 5 Housing-Market Hopes for 2009
By Luke Mullins, USNews.com
In the face of an intractable credit crisis and a recession that could be the deepest since World War II, economists are expecting another downcast year for housing in 2009. Mission Residential Chief Economist Richard Moody, for example, projects home prices to continue along their downward slope for the entire year before hitting bottom in early 2010. But while there's no shortage of gloomy data-rising unemployment, higher mortgage delinquencies, increasing foreclosures-glass half-fullers do have a number of hopes to cling to. And while these more optimistic factors might not be enough to spring housing back to life in 2009, they could-with a few lucky breaks-prevent the market from declining as sharply as it otherwise might.Here are the five best reasons to be hopeful about housing in 2009:
More from U.S. News & World Report » 9 Housing-Market Head Winds in 2009» Best Careers 2009» The 15 Best Small Businesses to Start in 2009
1. Cheap mortgage rates: With inflationary pressures easing and economic concerns mounting, shell-shocked investors are seeking the protection of government securities, such as 10-year treasury notes, driving down yields. The lower yields, coupled with the Fed's recently announced plans to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac have dragged mortgage rates to multi-year lows. Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they've been since 2004, according to Freddie Mac.
To be sure, not everyone will be able to take advantage of these attractive rates: Tougher lending standards will prevent many would-be buyers from getting into the market, while homeowners whose houses are now worth less than what they owe on their mortgage won't be able to refinance. Still, the rates present a welcome incentive for qualified borrowers to step up to the plate. "Lower mortgage rates mean more people with those credentials will be able to qualify," says Patrick Newport, a U.S. economist at IHS Global Insight. While that might not make a dramatic impact on the market, it could be enough to keep home sales from declining as much as they otherwise would, Newport says.
2. Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks. And in certain bubble markets, the crash has been even steeper-prices have fallen more than 30 percent in Phoenix and Las Vegas over the past year alone. Although that's a big blow to homeowners-the housing bust is expected to wipe out more than $2 trillion in home values in 2008-lower prices do help stimulate buyer demand, which is badly needed to mop up the excess housing inventory. And while home prices are expected to drop further in 2009, values in certain markets are already at levels low enough to tempt bargain hunters. "Falling home prices aren't part of the problem, they are part of the solution," says Mike Larson, a real estate analyst at Weiss Research.
3. Fewer housing starts: In the face of dwindling demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics. While that's bad news for the economy-because it means fewer jobs for builders and others-it's an important step in bringing housing supply back in line with demand. The cutback will limit the supply of new homes coming into the market, which helps to reduce the glut of unsold homes that is putting such downward pressure on housing prices. "In order to get rid of the inventory, builders have to cut back even further and prices have to drop," Newport says. "It's very painful, but there is no way to get around the fact that that's what you need to do to equilibrate the market."
4. Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working. Should this program succeed in preventing unemployment from skyrocketing and keeping the economic contraction from hitting the dourest projections, certain housing markets may firm up quicker than expected, says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School of Business. In the best-case scenario, "the housing market declines become contained to those markets where house price declines are significant," Wachter says.
5. Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge. But remember, the federal government has already taken a number of steps designed to do just that. The Federal Reserve has slashed its benchmark interest rate to between 0 and 0.25 percent and committed nearly $2 trillion to new lending programs, bailouts, and additional measures designed to bolster the financial markets. Meanwhile, Congress passed a $700 billion bailout and the Treasury has already injected a chunk of that money into banks of all sorts. While these efforts haven't been enough to restore the credit markets to health, they have produced results. Interbank lending, for example, has eased. And should this modest victory lead to a broader recovery in the credit markets, the economy-and the housing demand that comes with growth-could turn around quicker than expected. "Right now, panic is driving the credit markets," says Moody of Mission Residential. "If, for whatever reason, confidence were to resume and people's appetite for risk was starting to increase, then you could start all of a sudden seeing credit flowing much more freely, which obviously supports spending in both business and households."
By Luke Mullins, USNews.com
In the face of an intractable credit crisis and a recession that could be the deepest since World War II, economists are expecting another downcast year for housing in 2009. Mission Residential Chief Economist Richard Moody, for example, projects home prices to continue along their downward slope for the entire year before hitting bottom in early 2010. But while there's no shortage of gloomy data-rising unemployment, higher mortgage delinquencies, increasing foreclosures-glass half-fullers do have a number of hopes to cling to. And while these more optimistic factors might not be enough to spring housing back to life in 2009, they could-with a few lucky breaks-prevent the market from declining as sharply as it otherwise might.Here are the five best reasons to be hopeful about housing in 2009:
More from U.S. News & World Report » 9 Housing-Market Head Winds in 2009» Best Careers 2009» The 15 Best Small Businesses to Start in 2009
1. Cheap mortgage rates: With inflationary pressures easing and economic concerns mounting, shell-shocked investors are seeking the protection of government securities, such as 10-year treasury notes, driving down yields. The lower yields, coupled with the Fed's recently announced plans to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac have dragged mortgage rates to multi-year lows. Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they've been since 2004, according to Freddie Mac.
To be sure, not everyone will be able to take advantage of these attractive rates: Tougher lending standards will prevent many would-be buyers from getting into the market, while homeowners whose houses are now worth less than what they owe on their mortgage won't be able to refinance. Still, the rates present a welcome incentive for qualified borrowers to step up to the plate. "Lower mortgage rates mean more people with those credentials will be able to qualify," says Patrick Newport, a U.S. economist at IHS Global Insight. While that might not make a dramatic impact on the market, it could be enough to keep home sales from declining as much as they otherwise would, Newport says.
2. Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks. And in certain bubble markets, the crash has been even steeper-prices have fallen more than 30 percent in Phoenix and Las Vegas over the past year alone. Although that's a big blow to homeowners-the housing bust is expected to wipe out more than $2 trillion in home values in 2008-lower prices do help stimulate buyer demand, which is badly needed to mop up the excess housing inventory. And while home prices are expected to drop further in 2009, values in certain markets are already at levels low enough to tempt bargain hunters. "Falling home prices aren't part of the problem, they are part of the solution," says Mike Larson, a real estate analyst at Weiss Research.
3. Fewer housing starts: In the face of dwindling demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics. While that's bad news for the economy-because it means fewer jobs for builders and others-it's an important step in bringing housing supply back in line with demand. The cutback will limit the supply of new homes coming into the market, which helps to reduce the glut of unsold homes that is putting such downward pressure on housing prices. "In order to get rid of the inventory, builders have to cut back even further and prices have to drop," Newport says. "It's very painful, but there is no way to get around the fact that that's what you need to do to equilibrate the market."
4. Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working. Should this program succeed in preventing unemployment from skyrocketing and keeping the economic contraction from hitting the dourest projections, certain housing markets may firm up quicker than expected, says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School of Business. In the best-case scenario, "the housing market declines become contained to those markets where house price declines are significant," Wachter says.
5. Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge. But remember, the federal government has already taken a number of steps designed to do just that. The Federal Reserve has slashed its benchmark interest rate to between 0 and 0.25 percent and committed nearly $2 trillion to new lending programs, bailouts, and additional measures designed to bolster the financial markets. Meanwhile, Congress passed a $700 billion bailout and the Treasury has already injected a chunk of that money into banks of all sorts. While these efforts haven't been enough to restore the credit markets to health, they have produced results. Interbank lending, for example, has eased. And should this modest victory lead to a broader recovery in the credit markets, the economy-and the housing demand that comes with growth-could turn around quicker than expected. "Right now, panic is driving the credit markets," says Moody of Mission Residential. "If, for whatever reason, confidence were to resume and people's appetite for risk was starting to increase, then you could start all of a sudden seeing credit flowing much more freely, which obviously supports spending in both business and households."
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